As baby boomers begin to reach the age of Medicare eligibility, the program designed to cover senior’s health care faces an overwhelming addition of new enrollees. In fact, this year sees 7,000 new beneficiaries per day. Over the next 20 years 70 million are expected to be eligible for benefits, as compared with 45.2 million in 2008. As the aged population grows almost as quickly as the cost of medical care and pharmaceuticals, fears are growing that the Medicare system will become insolvent for many, even though they have paid into the system for their entire work lives.
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Medicare Faces Insolvency As Baby Boomers Enter System
Monday, July 11th, 2011California State Programs Face Massive Cuts
Wednesday, June 22nd, 2011In Governor Jerry Brown’s (D) revision to the budget plan, he addresses earlier cuts made to health and social service programs. Though these cuts were intended to shrink California’s deficit, many children, low income, or elderly residents face losing assistance. As lawmakers managed to move $2 billion dollars from mental health services and childhood health programs, Brown’s budget plan revisions reflect the lack of funding due to such lawsuits. Some examples are as follows:
• A merging of Healthy Families — California’s Children’s Health Insurance Program – with Medi-Cal
• A 10% reduction in Medi-Cal provider reimbursement rates.
Top Employee Wellness Concerns
Wednesday, May 4th, 2011While preventive screenings are now an integral part of (most) health care policies, employees are still bearing the brunt of stressful job environments, and lack of exercise. Obesity continues to rise, even with all of the education available to us. Add to that the added dangers of stress on a taxed body and mind, and you are looking at some serious sick time. Thankfully, employers are becoming more proactive in the work place, offering healthy bonuses and wellness programs, and insurance carriers are covering preventive screenings on most plans with no out of pocket costs. Much needed in this time of economic stress, employees can work on their top concerns:Weight loss – 39% of polled employees stated losing weight as their main concern
Reduction of stress — 23% reported reducing stress a major importance in their life
The Importance of Life Insurance
Friday, March 11th, 2011Tis the season for chocolates, flowers, and other gifts expressing our love for the most important people in our lives. However, many people tend to overlook the most important gift you can provide to your loved ones – Life Insurance. If something should happen to you, would your family be provided for? Although this is something hard to imagine, it is vital to make sure that your family remains financially secure in the event they lose you.
California Sees Rise in HMO Premiums
Friday, March 4th, 2011Employers are constantly searching for ways to bring down the cost for group health insurance premiums. While the answer used to be “switch to an H.M.O”, this is no longer the case. While H.M.O. plans used to offer much lower premiums because patients were limited in where they could go for care, the rates for such plans have increased at such a steady pace, many of them have surpassed the PPO options in terms of monthly rates. The average increase for an H.M.O. in 2011 was 9.8%, the highest increase in five years.
New Rules on Medical Wait Times
Friday, February 25th, 2011Starting this month, new protocols were implemented to regulate waiting times for California residents. These guidelines were primarily designed for HMO patients, but do extend to PPO’s as well. As it seems that more time is spent in the waiting room rather than with the doctor, these wait times provide some much needed relief. For the first year, the California Department of Managed Care will oversee that the rules are strictly followed, and health plans that fail to meet the wait times will find that they face possible fines and penalties. As it will be the insurer’s responsibility to meet the guidelines, it will also force the expansion of their provider networks to meet the need for timely care. The rules note the following maximum wait times:
Many Children Going Without Mental Health Services
Thursday, January 27th, 2011As the number of uninsured children increases, a new study shows that many of these children have the added stress of an emotional, behavioral, or developmental disorder which is going untreated due to lack of access to medical care. Low income families tend to have children with higher rates of these conditions, such as ADD, autism, or depression, but do not have health coverage to assist with the mental health services they need – including counseling and medication. According to such reports as the one done by the Health Resources and Services Administration:
Long Term Care Costs Continue To Rise
Thursday, January 20th, 2011The good news? People are living longer. The bad? Costs for Long Term Care (LTC) are increasing steadily with each passing years, outpacing inflation. Should you need care after an accident or illness, you may find that savings can rapidly deplete when paying for the care you need. It is estimated that over two-thirds of the over 65 population will need some form of long term care, whether it is in as assisted living facility, adult day care facility, or home health services. Medicare offers some basic skilled care in a nursing home, but is limited to 100 days. When faced with a long term illness which impairs your ability to perform the basic activities of living, such as eating, bathing, or dressing, it is imperative to have access to continuous care. Long Term Care insurance helps you maintain your dignity and financial freedom and gives you the ability to contribute to the choices that affect your care — about the services you receive, where you receive them and who provides the care you need.
High Deductible Health Plans and HSA’s Growing in both Group & Individual Markets
Thursday, January 13th, 2011According to studies done in 2010, High Deductible Health Plans increased significantly in both the group and individual markets. Many found that taking on higher out of pocket plans greatly reduced their premiums, while not affecting first dollar benefits, such as preventive care or doctor office visits. It was shown that individual enrollment in HDHP’s increased from 39% in 2007 to 51% in 2010. Numbers were similar when reviewing group enrollment in HDHP’s. It is believed that as more information is provided to potential enrollees of HDHP’s regarding the benefits of adding on a health savings account, more people wanted to take advantage of the tax benefits as well. Overall, many feel that these plans gave them more control over their health care needs and costs as a whole.
Medicare Prescription Drugs Plan Premiums Increase in 2011
Thursday, January 6th, 2011While numbers vary from carrier to carrier, it is expected that Medicare Part D (prescription) plans will increase by an average of 10% in 2011. Premiums have increased steadily over the years, but this one seems particularly steep. With the Patient Protection and Affordable Care Act, higher-income enrollees will pay a greater share of standard Part D costs, while low-income clients will continue to have access to plans with no monthly premium at all. Fortunately, all will benefit from health care reform when reaching the dreaded “doughnut hole”, as 2011 will bring some relief during this time. Manufacturer prices will be discounted by 50% and the plans will also cover 7% of generic drugs while in the coverage gap (between $2,840 and $4,550 in out of pocket spending), rather than requiring enrollees to cover 100% of their drug costs. Note that this applies only to original Medicare Supplement plans and Part D options, as most Medicare Advantage enrollees have drug coverage built into their plan.
